Business

Charleston, South Carolina has a Top Industrial Real Estate Market

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Growth in the industrial sector has builders struggling to keep up with the demand for manufacturing space and warehouses. 

In Charleston, South Carolina, the vacancy rate for such industrial type buildings was at 5.5% in the 3rd quarter which was only slightly higher than the 5.4% reported in the 2nd quarter, this doesn't account for the 220,000 sq ft of new space absorbed in the same time period by new tenants.  Greenville-Spartanburg, South Carolina's other industrial district was only slightly higher with 5.4%. 

Over the past year over 1.8 million sf of industrial space has been filled by new tenants representing an annualized rate of growth at 3.4%. Growth is expected to move even faster in the coming months with over 5.7 millions sf of space under construction currently. About 40% is targeted toward manufacturers and 60% for distribution centers and warehouses. 

 

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real estate, investment, Charleston, South Carolina